Asturiana de Laminados S A : Annual Accounts. 31 december 2021

PRIVILEGED INFORMATION ASTURIANA DE LAMINADOS, S.A.

04 April 2022

Pursuant to the provisions of article 17 of Regulation (EU) no. 596/2014 on market abuse and article 228 of the revised text of the Securities Market Act, approved by Royal Legislative Decree 4/2015, of 23 October, and concordant provisions, as well as BME GROWTH Circular 3/2020, we hereby inform you of the following information regarding the company ASTURIANA DE LAMINADOS, S.A. (hereinafter "ELZ" or "the Company" indistinctly).

THE AUDITOR´S REPORT ON ASTURIANA DE LAMINADOS, S.A. IS ATTACHED TOGETHER WITH THE AUDITED ANNUAL ACCOUNTS PREPARED BY THE BOARD OF DIRECTORS ON 31 MARCH 2022 AND THE MANAGEMENT REPORT OF ASTURIANA DE LAMINADOS, S.A. FOR THE YEAR ENDED 31 DECEMBER 2021, PENDING APPROVAL BY THE ORDINARY GENERAL MEETING.

In compliance with the provisions of BME Growth Circular 3/2020, it is hereby expressly stated that the information provided has been prepared under the sole responsibility of the issuer and the Chairman of the Board of Directors.

In Lena on 04 April 2022

D. Macario Fernández Fernández

Chairman of the Board of Directors

Auditor's Report on Asturiana de Laminados, S.A.

(Togetherwiththeannualaccountsand directors' report of Asturiana de Laminados, S.A. for the year ended 31 December 2021)

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

KPMG Auditores, S.L. Ventura Rodríguez, 2 33004 Oviedo

Independent Auditor's Report on the Annual Accounts

(Translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.)

To the Shareholders of Asturiana de Laminados, S.A.

Opinion _____________________________________________________________

We have audited the annual accounts of Asturiana de Laminados, S.A. (the "Company"), which comprise the balance sheet at 31 December 2021, and the income statement, statement of changes in equity and statement of cash flows for the year then ended, and notes

In our opinion, the accompanying annual accounts give a true and fair view, in all material respects, of the equity and financial position of the Company at 31 December 2021, and of its financial performance and its cash flows for the year then ended in accordance with the applicable financial reporting framework (specified in note 2 to the accompanying annual accounts) and, in particular, with the accounting principles and criteria set forth therein.

Basis for Opinion _____________________________________________________

We conducted our audit in accordance with prevailing legislation regulating the audit of accounts in Spain. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Annual Accounts section of our report.

We are independent of the Company in accordance with the ethical requirements, including those regarding independence, that are relevant to our audit of the annual accounts pursuant to the legislation regulating the audit of accounts in Spain. We have not provided any non-audit services, nor have any situations or circumstances arisen which, under the aforementioned regulations, have affected the required independence such that this has been compromised.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KPMG Auditores, S.L., a limited liability Spanish company and a member firm of the	On the Spanish Official Register of Auditors ("ROAC") with No. S0702, and the
KPMG global organisation of independent member firms affiliated with KPMG	Spanish Institute of Registered Auditors' list of companies with No. 10.
International Limited, a private English company limited by guarantee. All rights	Reg. Mer Madrid, T. 11.961, F. 90, Sec. 8, H. M -188.007, Inscrip. 9
reserved.	N.I.F. B-78510153
Paseo de la Castellana, 259C 28046 Madrid

Key Audit Matters ____________________________________________________

Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the annual accounts of the current period. These matters were addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Recoverability of property, plant and equipment See note 6 to the annual accounts
Key audit matter	How the matter was addressed in our audit
The Company has made considerable investments which are mainly related to increasing the production capacity of the Company and consequently, property, plant and equipment totalled Euros 96,047,491 at 31 December 2021, the recoverability of which depends on the Company's capacity to generate future cash flows and to fulfil its business plan. The Company evaluates whether there are indications of possible impairment losses on the aforementioned assets. As the aforementioned estimates require value judgements, and because of the inherent uncertainty associated with them and the significance of the carrying amount of these assets, this has been considered a key audit matter.	Our audit procedures on the recoverability of property, plant and equipment included the following: - A detailed analysis of the process, design and implementation of the key controls established by the Company for assessing the recoverability of property, plant and equipment. - Assessment of the documentation supporting the indications of impairment analysis performed by the Company. - Cross-checking of the performance of the Company in 2021 with the budget for the same period. We also assessed whether the disclosures in the annual accounts meet the requirements of the applicable financial reporting framework.

Recoverability of non-current investments in Group companies and associates See notes 8 and 19 to the annual accounts
Key audit matter	How the matter was addressed in our audit
The Company has made investments in Group companies amounting to Euros 22,144,656 that are recognised under non-current investments in Group companies and associates, the recoverability of which depends on the Company's capacity to generate future cash flows and to fulfil its business plan, and that of other companies in which it holds interests. At the end of each reporting period, the Company assesses the aforementioned investments in Group companies and associates and, where appropriate, their recoverable amount for the existence of indications of impairment. Due to the inherent uncertainty associated with these estimates and the significance of the carrying amount of these assets, this has been considered a key audit matter.	Our audit procedures on the recoverability of non-current investments in Group companies and associates included the following: - An analysis of the process, design and implementation of the key controls established by the Company for assessing the recoverability of investments in Group companies. - Assessment of the documentation supporting the indications of impairment analysis performed by the Company. - Cross-checking of the performance of the Company and other companies in which the Company has investments in 2021 with the budget for the same period. We also assessed whether the disclosures in the annual accounts meet the requirements of the applicable financial reporting framework.

Other Information: Directors' Report ____________________________________

Other information solely comprises the 2021 directors' report, the preparation of which is the responsibility of the Company's Directors and which does not form an integral part of the annual accounts.

Our audit opinion on the annual accounts does not encompass the directors' report. Our responsibility for the directors' report, in accordance with the requirements of prevailing legislation regulating the audit of accounts, consists of assessing and reporting on the consistency of the directors' report with the annual accounts, based on knowledge of the entity obtained during the audit of the aforementioned annual accounts, and assessing and reporting on whether the content and presentation of the directors' report are in accordance with applicable legislation. If, based on the work we have performed, we conclude that there are material misstatements, we are required to report them.